president doesn't seem to show the slightest interest in reducing spending other than in the area of defense and maybe means testing for entitlements. so, chances for meaningful reduction in the growth of entitlements on the part of the republicans is almost nil. >> well, i mean, what -- what could the republicans have done? the senate didn't approve their own plan until, what, midnight on new year's day and it -- they will say, the republicans will say they were up against the wall and didn't want the country to go over the fiscal cliff. should we have gone over the fiscal cliff, since that was the reality, if, in fact, they would have pushed for spending cuts? >> maria, i'm not about to second guess them. these are very smart people -- >> well, you are second guessing them. this is what this interview is about. >> i just like to state where i believe where we are and what's going to happen. >> okay, what do you think happens? >> so, i think that the -- as a result of the tax increases, we are going to collect substantially less revenues than we thought we would. and that is because the fed